Go offline with the Player FM app!
Episode 116: Costs and Prevalence of Long-Term Care Planning (Part 2)
Manage episode 406090387 series 3330615
- The probability of needing long-term care is higher for women than men, primarily due to their longer life expectancy.
- On average, men need long-term care for about 2.5 years, while women need it for about 3.6 years.
- About 56% of individuals will likely need to plan for long-term care in their retirement.
- Planning for long-term care should consider both the probability and length of care needed, as well as the potential costs involved. Unpaid care can have a significant financial and personal impact on caregivers, often disrupting their own retirement plans.
- Women tend to have longer long-term care needs and higher costs due to their longer life expectancy and caregiving roles.
- The Genworth Cost of Care Study provides estimates of the average costs of different long-term care options.
- Long-term care expenses are likely to grow faster than the overall inflation rate, making it important to plan for higher costs.
Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"136 episodes
Manage episode 406090387 series 3330615
- The probability of needing long-term care is higher for women than men, primarily due to their longer life expectancy.
- On average, men need long-term care for about 2.5 years, while women need it for about 3.6 years.
- About 56% of individuals will likely need to plan for long-term care in their retirement.
- Planning for long-term care should consider both the probability and length of care needed, as well as the potential costs involved. Unpaid care can have a significant financial and personal impact on caregivers, often disrupting their own retirement plans.
- Women tend to have longer long-term care needs and higher costs due to their longer life expectancy and caregiving roles.
- The Genworth Cost of Care Study provides estimates of the average costs of different long-term care options.
- Long-term care expenses are likely to grow faster than the overall inflation rate, making it important to plan for higher costs.
Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"136 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.